Contemplating a new accounting system can be stressful, especially if you’ve been using your existing software or Excel spreadsheet for a long time and find it familiar and comfortable.

Combined with financial management concerns, nervousness about making an accounting software purchase you might live to regret can lead to procrastination – sometimes for years on end. But putting up with an accounting system that has outlived its usefulness probably isn’t saving you money or time – in fact, it’s probably costing you both.

This is the first article in a four-part series aimed at helping you confidently choose an accounting system that’s ideal for your business.

Changing your accounting system isn’t something you should do on a whim – it has serious strategic and operational implications for your business, so it’s important that you get the timing right.

"Putting up with an accounting system that has outlived its usefulness probably isn’t saving you money or time – in fact, it’s probably costing you both."

The first thing you need to determine is whether you need a new system at all. In my experience, these are some of the triggers that might indicate that it’s time to make a change:

You’re in start-up mode and want to put efficient systems in place right from the beginning of your business journey.

Your business is growing rapidly, and you need confidence that your system can handle your future expansion.

Your current system doesn’t give you immediate, easy access to accurate financial and operational information.

You’re trading online or internationally and using workarounds because your current system wasn’t designed with your needs in mind.

You’re repeatedly spending time on inefficient processes such as re-keying data to duplicate it from one system to another.

Rhys Roberts is a commercial accountant who provides the range of services a CFO typically provides to a larger business. He will help you implement financial systems, run your accounts department and provide the information you need to improve the performance of your business.